How to keep a property transaction on course

17th May, 2019

According to the Home Owners Alliance, a staggering 800 property transactions fall through every day!

The collapse of a sale can not only be extremely upsetting and disappointing for a home owner, but it can also cost sellers thousands of pounds. In a bid to prevent this from happening, we have put together some steps on how to keep your transaction on course.

Understand the process

Familiarising yourself with the stages of a house purchase will put you in a much stronger position, to ensure everything goes according to plan. Find out when and where the most common pitfalls occur, so that you can try push through this step.

Select your solicitor now

Some solicitors and conveyancers are notoriously slow at processing your sale, so it’s a good idea to get these lined up before you even put your property on the market. In addition, ask a family member or friend who has recently sold their home, for a recommendation – they’ll be honest and point you in the right direction.

Finally, don’t be afraid to get on the phone and give them a little push to speed things up – which brings us onto our next point…

Speed is key

The faster you can get your solicitors to exchange, the better. Slowing things down can agitate some sellers and buyers, which may lead to people pulling out – so the quicker you can transfer contracts the sooner you are legally binding the transaction.

Communicate

A good estate agent will you keep you updated at all times, but if you’re ever left feeling in the dark and don’t know what’s going on, get on the phone and speak to them. You can also find out if anything is needed from you, and you can act quickly to keep the ball rolling.

Be prepared

Moving is stressful. A way to reduce this, is by being prepared. Not only getting yourself ready for the roller-coaster journey ahead, but making sure all of your property documents and paperwork are all in one place.

We hope this advice will help you keep your property transaction on track, and assist you to better understand what’s to come.